DOVER, Del., April 26, 2017 /PRNewswire/ -- Last month, Shirley Shawe offered to vote alongside Elizabeth Elting in the boardroom to permanently end the deadlock that Elting had claimed was cause for the sale of the global translations company. Elting initially responded by denying the proposed solution but has now filed sanctions against Shirley Shawe in an attempt to dismantle the proposed solution and continue the sale of TransPerfect.
Shawe's 51% solution has enough credentials that Judge Bouchard will hear Shawe's motion to force a shareholder meeting. The hearing will take place on May 5th, but Elting's sanctions against Shawe are another attempt to disregard practical solutions and postpone the hearing.
"We look forward to rallying behind Ms. Shawe on May 5th. Ms. Shawe has offered a solution that will prevent the sale of TransPerfect and save over 4,000 workers from termination. While Ms. Elting is trying to punish a 76-year-old woman for nobly sacrificing her vote and trying to end the board deadlock, the custodian continues to charge millions of dollars to the company and move toward its sale," said Citizen's for a Pro-Business Delaware Campaign Manager Chris Coffey. "We ask that the court hear Ms. Shawe's offer and support proposals that will keep the company together and its workers employed, not punish creative solutions."
One of the reasons Elting's team has cited the need to postpone the hearing is the cost to hire local counsel. This case has already cost the company a needless $100 million in combined legal, consulting, and accounting fees. The cost of this case has never before been a red flag for the Elting side. However, now that they do not want a hearing to occur next week, they have filed a motion to postpones the hearing based on the added costs.
Citizens for a Pro-Business Delaware is a group made up of more than 2,200 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the issue.
For more information on Citizens for a Pro-Business Delaware visit DelawareForBusiness.org.
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SOURCE Citizens for a Pro-Business Delaware